Lawyers drop troubled Algosaibi in Saad case

A Saudi-based law firm said on Sunday it had stopped representing Ahmad Hamad Algosaibi and Bros (AHAB) in a dispute with billionaire Maan Al-Sanea, who heads privately owned Saad Group, due to disagreements on strategy.

The pullout by law firm Salah Al-Hejailan comes as banks and regulators grapple with the multibillion-dollar restructuring efforts of AHAB and Saad, the biggest blow yet to strike Gulf Arab states since the start of the financial crisis.

Numerous banks from the Gulf Arab region have said they face potential writedowns on loans made to the troubled groups.